Steady rising markets continue to greet investors and traders day by day but volumes are suspiciously light. Historically, when key indices hit significant numbers, like the S&P500 breaking above the 2,000 mark, we tend to get a positive drive over the subsequent months. Bulls again took control of the Aussie 200 index as reporting season continues with 128 of the top 200 having now reported.
How did the Aussie market perform today?
S&P/ASX200 gained 13.6 points or +0.24% on volume of $3 billion, closing at 5651.2.
Australian sector watch
Looking over the charts
- The Aussie 200 index gyrated in a narrow 14 point range, unable to gain traction in either the positive or negative direction, but eventually the market closed at the top end of the range.
- Stochastics is really beginning to wane, showing that momentum from the bulls isn’t convincing. We don’t have any bearish divergence just yet but it is close and one to watch going forward.
- Volatility on the Aussie 200 index has dropped from 60 points per day to 42, as our market consolidates recent gains and in the long term, continues to grind ever so slightly higher.
- Support is sitting at 5620-5625 initially and below that we have 5600. Resistance is around the highs of the day at 5655-5660 and then 5684.
ASX top 200 stock analysis
15% of stocks are showing oversold levels, 37% are showing overbought levels and 70% of stocks are currently above their long term moving average as of close of trading today. View the image below to better understand overbought and oversold levels.
S&P/ASX 200 Gainers and Losers
Top 5 gainers:
- SDF STEADFAST GROUP +14.80%
- BDR BEADELL RESOURCES +7.53%
- VED VEDA GROUP +6.28%
- CVO COVER-MORE GROUP 5.19%
- MSB MESOBLAST +4.87%
Top 5 Losers:
- PBG PACIFIC BRANDS -9.48%
- TLS TELSTRA CORPORATION -3.66%
- PRY PRIMARY HEALTH CARE -3.48%
- MGX MOUNT GIBSON IRON -3.40%
- TPI TRANSPACIFIC INDUSTRIES GROUP -3.28%
Please note that these are our initial impressions and that it is important to read all disclaimers on this website when considering the information. If you would like to discuss further please contact:
Ashley Jessen
Director of Communications
Email: ashley_jessen@invast.com.au
Phone: 02 8036 7567